Press release

Wed, Jul 3rd 2013 10:40 am

Pictured: Congressman Higgins and members of the Erie/Niagara Chapter of the NYS Alliance for Retired Americans.

Congressman
Brian Higgins, D-NY-26, joined the Alliance for Retired Americans on
their National
Day of Action to make their voices heard about the consequences
of implementing chained CPI to calculate the cost of living
adjustment, or COLA, Social Security benefits.

"For
over 70 years, Social Security has been a safety net for seniors,
ensuring that they can retire without fear of significant financial
hardship, and a lifeline for disabled Americans as they strive to
live full and productive lives," Higgins said. "Attempts to
(reduce) our deficit and grow our economy should not come at the
expense of seniors."

In
Higgins' Congressional district, 157,562 seniors receive Social
Security benefits, and 30,250 individuals receive Supplemental
Security Income benefits. In 2012, the average annual benefit for
beneficiaries aged 65 and older was less than $15,000. Higgins' camp
said two out of five retirees rely on Social Security for 90 percent
of their retirement.

"Senior
citizens have spent a lifetime working hard at their jobs, supporting
their families and paying into Social Security. They should be able
to retire in dignity. They should not have to unnecessarily endure
cuts to their financial well-being at the most vulnerable time in
their lives," said Steve Muscarella, retiree and president of
the Erie/Niagara Chapter of the NYS Alliance for Retired Americans.

The
Alliance for Retired Americans said application of the chained CPI
would reduce the annual COLA for beneficiaries by 0.3 percent every
year, on average. Under this proposal, someone retiring at age 65
would lose nearly $5,000 in benefits by age 75. By age 85, they would
lose almost $10,000. If they lived until 95, they would lose more
than $15,000.

Higgins
is one of 113 cosponsors of H.
Con. Res. 34, which opposes using chained CPI to COLA for Social
Security benefits.